Daily Market Highlights (18.11.09)

  • MSE Share Index climbs a further 0.2% to 3,303.085 points, marginally below its 2009 high registered last Friday. Index moves higher on gains in GO and MIA whilst the two big banks and GlobalCapital close unchanged. Volumes remain subdued as company announcements fail to generate trades and investors focus on the new bond issues. Download a copy of today’s Equity Market Summary.
  • Subscriptions for the €25 million Mizzi Organisation Finance plc bond issue open tomorrow with the submissions of preferred applicants. Meanwhile pre-placement applications for a minimum of €10,000 will be accepted until Friday 20 November. The 10-year bonds have a coupon of 6.2% per annum. The Issuer reserves the right to increase the amount up to a further €5 million in the event of over-subscription. Existing holders of the 6.7% Mizzi bonds 2009-2012 will be given preferential allocation. Further details, application form and prospectus available here.
  • After yesterday’s 2.3% rise, MIA’s share price jumps a further 4.6% to regain the €2.354 level. Over 10,000 shares change hands this morning with best bids placed at €2.35 whilst lowest offers now pitched at the €2.40 level.
  • GO’s positive run is now in its fifth consecutive session as the share price edges a further 0.6% higher to close at €1.79 during this morning’s session. 17,700 shares exchanged today with bids in the market at €1.78 and few other offers remaining unsatisfied at the closing price.
  • BOV maintains the €3.84 level on volumes of just over 8,100 shares. During the forthcoming BOV Annual General Meeting scheduled to take place on 16 December the final gross dividend of €0.215 per share and the 1 for 4 bonus issue will be put forward for shareholders’ approval. Details of September 2009 full-year results available here. The Middlesea announcement issued yesterday morning revealed that BOV will be underwriting the Middlesea rights issue apart from subscribing to its entitlement valued at circa €8.7 million.
  • HSBC also closes unchanged at the €2.98 level after easing from an intra-day high of €2.995. Fourteen trades amounting to over 22,500 shares transacted this morning with further bids outstanding at the last trading price whilst lowest offers still pitched at the €2.99 level. Last Friday the Bank issued its Interim Directors’ Statement stating that the performance in the third quarter to 30 September 2009 was satisfactory despite the difficult trading conditions. HSBC Malta’s CEO Alan Richards stated that the Group is encouraged by HSBC’s performance during the third quarter of 2009. Further details available here.
  • GlobalCapital closes unchanged at the €1.00 level after opening today’s session at a new all-time low of €0.99. Only 749 shares trade this morning with further bids outstanding at the closing price whilst lowest offers placed substantially higher at the €1.498 level.
  • Grand Harbour Marina issued its Interim Directors’ Statement explaining that the third quarter of 2009 saw the continuation of a high level of occupancy throughout the marina. GHM also revealed that enquiries for long-term berth sales during the period remained strong despite negative external factors which continued to depress the realization of sales. The Directors confirmed their cautious optimism that progress, although slow, will result in a positive outcome on sale of super-yacht berths. Further details available here. Statement fails to generate trades in this equity which has been inactive in 2009. Few bids placed at the €1.70 level whilst offers already placed 4% below the last closing price of €1.98.

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